Brief (1)
HB 2676 concerns the election of a bank's board of directors. The bill allows the bank to hold its required annual meeting and election of its board of directors on a date specified in the bank's bylaws. If the annual meeting is not held on that date, then other dates are set in the law. Regardless of the meeting date, at least 10 days notice of the date of the meeting must be given by first class mail to the shareholders.
Background
HB 2676 was requested by the Bank Commissioner whose General Counsel explained that the language of the bill was taken from a Special Order (1996-2) and thereby codifies what the policy of the Bank Commissioner has been on the subject of the annual meeting and election of a board of directors.
The fiscal note prepared by the Division of the Budget indicates that there will be no fiscal effect from passage of the bill.
1. *Supplemental notes are prepared by the Legislative Research Department and do not express legislative intent. The supplemental note and fiscal note for this bill may be accessed on the Internet at http://www.ink.org/public/legislative/bill_search.html